Gorodenkoff | Istock | Getty Images If you’re happily saying “I do” this year, be aware that the IRS can be a real buzzkill. While many couples end up paying less in taxes after tying the knot, some face a “marriage penalty” — meaning they end up paying more than if they had remained unmarried and filed as single taxpayers. …
Golibtolibov | Istock | Getty Images Taxing the wealthy is a big topic in Washington these days. President Joe Biden recently proposed in his 2023 annual budget a so-called billionaire minimum income tax that would increase levies on the country’s wealthiest households. Under the plan, people with a net worth of $100 million or more would face a 20% tax …
Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | Reuters Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction. President Joe Biden in March unveiled the latest federal wealth tax proposal as part of his …
bymuratdeniz | iStock | Getty Images There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $204 billion in total, as of April 1, the agency reported Friday. Almost one-third of Americans don’t file until the last minute, according to a report from IPX 1031, and expect …
U.S. President Joe Biden speaks during an event at the Royal Castle, amid Russia’s invasion of Ukraine, in Warsaw, Poland, March 26, 2022. Aleksandra Szmigiel | Reuters President Joe Biden’s proposed budget for 2023 aims to give the Social Security Administration more funding to improve services. Some groups say the increase doesn’t go far enough. Biden wants to ramp up …
Thomas M. Barwick | Getty Images Social Security benefits make up about 30% of elderly Americans’ incomes, according to the Social Security Administration. For some beneficiaries, it can be 90% or more. Yet many people do not think of those earned benefits, and the monthly checks that come with them, as a personal financial asset, according to Social Security expert …
Supporters demonstrate in favor of Build Back Better on the Senate Steps of the U.S. Capitol on Dec. 15, 2021. Leigh Vogel | Getty Images As the Build Back Better bill and the new government aid it promised stalls on Capitol Hill, millions of Americans who may have been expecting more help amid the pandemic are being left empty handed. …
The income tax returns of former President Donald Trump must be released by the IRS to Congress, the Department of Justice said Friday. The DOJ’s Office of Legal Counsel said the Democratic-led House Ways and Means Committee had made a request with a legitimate legislative purpose to see Trump’s tax returns, with a stated objective of assessing how the IRS …
President Joe Biden’s proposed tax legislation adjustments are “skewed closely” in favor of fogeys, a new evaluation from the City Institute’s Tax Coverage Heart (TPC) finds. The report finds that every one low-income households incomes $26,000 or much less would see their tax invoice drop by about $620, on common, in 2022. However households with kids would profit much more …
